Monday, August 1, 2011

Bank of Korea buys gold

The Bank of Korea said Tuesday it increased the amount of gold held as part of the country's foreign exchange reserves for the first time in 13 years, diversifying its portfolio away from the dollar and toward an investment class widely considered a safer bet during crises.

The central bank bought 25 metric tons of gold from the global market between June and July, bringing its total gold reserves to 39.4 tons as of the end of July, the BOK said in a statement.